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Company Accounts

20 Questions  I  By Sweetsalman123
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1.  According to Section 78 of the Compaines Act,the amount in the securities premium A/c can be used for the purpose of
A.
B.
C.
D.
2.  X Ltd. purchased the business of Y Ltd. for Rs. 90,000 payable in fully paid shares of Rs. 10 each at a discount of 10%. No. of shares given to vendors will be  
A.
B.
C.
D.
3.  Tarun Ltd purchased building from Varun Ltd for a book value of Rs.400000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account will be credited
A.
B.
C.
D.
4.  Preference shares amounting to Rs.75,000 are redeemed at a premium of 5% by issue of equity shares amounting to Rs.40,000 at a premium of 10%. The amount to be transferred to capital redemption reserve account will be  
A.
B.
C.
D.
5.  Z & Co. issued Rs.10,000 10% Debentures at 5% discount redeemable at 5% premium after 10 years loss on issue of debentures will be  
A.
B.
C.
D.
6.  Mr. Sharma holding 1000 equity shares of Rs.10/-each issued at a discount of 10% could pay Rs.3.50 on application, but could not paid the allotment money of Rs.2.5 per share and his shares were forfeited. In the books of the company, shares forfeited account will be credited by  
A.
B.
C.
D.
7.  Brave Ltd. issued 60,000 shares of Rs. 10 each at a discount of Re. 1 per share. The application money was Rs. 2, allotment money was Rs. 4, and first call was of Re.1. The amount of final call will be  
A.
B.
C.
D.
8.  Share capital 50,000 shares of Rs.15 each Rs.10 called up - Rs.5,00,000 Calls in arrears - Rs.20,000 Calls in advance - Rs.30,000 Board of directors decide to provide 15% for dividend on share capital. Amount of proposed dividend will be  
A.
B.
C.
D.
9.  X Ltd. purchased the business of Y Ltd. for Rs. 90,000 payable in fully paid shares of 10 each; shares were issued at a premium of 25%. Number of shares issued against purchased consideration will be - 
A.
B.
C.
D.
10.  Share capital 5,00,000 shares of 10 each Rs. 5 called up Rs. 25,00,000 Calls in arrear Rs. 10,000 Calls in advance Rs. 15,000 Directors decide to provide 10% for dividend on share capital. Amount of proposed dividend will be____________.  
A.
B.
C.
D.
11.  Anwar Ltd. Purchased building worth Rs. 99,00,000 and issued 12% debentures of 100 each at a premium of 10%. Premium amount will be  
A.
B.
C.
D.
12.  Lai & Co issued 10,000 debentures of Rs.100 each at a discount of 4% redeemable after 5 years at a premium of 6%. Loss on issue of debentures will be  
A.
B.
C.
D.
13.  Alok Ltd. forfeited 300 shares of Rs. 10 each fully called up f ield by Ramfor non payment of allotment money of Rs. 3 per share and fina I call moneyof Rs.4 per share. Out of these shares 250 were reissued to Sc han lor a total payment of Rs. 2000. Amount transferred to capital reserve account will be  
A.
B.
C.
D.
14.  Bittu Ltd. issued 10,000 shares of Rs.10 each to public. Applications were received for 12,000 shares by paying Rs.2 per share. Shares were allotted on pro-rata basis to the public and excess money was kept to be used in allotment and further calls. Kittu failed to piay the money of Rs.3 per share and her 1,000 shares were forfeited after due notice. Nb further calls were made to her. Her call in arrears was  
A.
B.
C.
D.
15.  Asha Deep Company Ltd. issued 1,00,000, 7% debentures of Rs-100 each at a discount of 4% redeemable after 5 years at a premium of 6%. Loss on issue of debentures is  
A.
B.
C.
D.
16.  A company issued Rs. 2,00,000 15% debentures at a discou it of $% redeemable after 10 years at a premium of 10%. Loss on iss ue of debentures will be  
A.
B.
C.
D.
17.  The Promising Co. Ltd. took over assets of Rs. 3,50,000 and liabilities of Rs.30,000 of X Ltd. for a purchase consideration of Rs. 3,30,000. The Promising Co. Ltd. paid the purchase consideration by issuing 12% debentures of Rs. 100 each at 10% premium. No. of Debentures issued will be  
A.
B.
C.
D.
18.  Light Ltd. has 10,000 5% preference shares of Rs. 10 each to be redeemed after 5 years. The company forfeited 500 preference shares on which final call of Rs 2 has not been received, after due.notice and cancelled these shares on account of redemption. Remaining shares were redeemed out of reserves of the company. The amount to be credited to capital redemption reserve will be  
A.
B.
C.
D.
19.  Alfa Ltd. issued 20,000, 8% debentures of Rs.10 each at par. The debentures are redeemable at a premium of 20% after 5 years. The amount of loss on redemption of debentures should be:  
A.
B.
C.
D.
20.  There must be a gap of atleast__________ month between two calls.  
A.
B.
C.
D.
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